Phil’s Fave on Great Ideas

 Here’s something you would have heard me say often in one of the 23 cohorts of the Goldman Sachs 10,000 Small Businesses programs I’ve helped facilitate over the last eight years:

How do you tell the difference between a good idea for a new product or service and a great innovative idea? Answer these five questions to find out:

  1. What customer pain is this new idea intended to solve, or at least deal with?
  2. What new market or customer will this new idea target?
  3. How does this new idea build upon your current competitive advantages?
  4. Why do you think this will be profitable enough to generate an acceptable ROI?
  5. How does this new idea resonate with your own personal goals, skill sets and passions?

Your answers will tell you if you have a great idea for an innovative product or service. You can add this to your growing ‘Best of Phil’ list.